Mills takes over as president after serving as GM since 2014. He replaces Phil Jackson, who mutually parted ways with the team last month following three losing seasons. With the exception of four years, Mills has worked for the Knicks and Madison Square Garden since 1999 in various capacities.

“Today marks a culture change for our organization where we reestablish the pride, work ethic and responsibility that comes with playing for the Knicks and representing New York,” Knicks owner James Dolan said in a news release. “I’m confident Steve is the right person to take on this role, and ensure that we return to one of the elite teams in the NBA. He’s got an ambitious plan that centers on building a young team focused on player development, communication and teamwork.”

Perry comes to the Knicks from the Sacramento Kings, where he served as vice president of basketball operations for the past three months. Before that, he spent five seasons as the assistant general manager of the Orlando Magic. He was fired by the Magic in April.

The Knicks and Kings had to agree to a compensation package before New York could hire Perry. That compensation includes a second-round draft pick in 2019 and cash considerations, Newsday reported.

Mills’ “decision to bring Scott on as general manager is a critical first step in transforming this franchise,” Dolan said. “Scott brings tremendous skill and experience in helping to build winning basketball teams. He’ll immediately get to work adjusting our basketball operations department to make sure we have one of the most effective front office staffs in the NBA.”

Perry also has held front-office jobs with the Seattle SuperSonics and Detroit Pistons.

With Perry in their front office, the Magic failed to reach the playoffs over the past five years. But he has been part of staffs that drafted Kevin Durant, Victor Oladipo, Aaron Gordon, Elfrid Payton and Mario Hezonja.

Dolan said he does not plan to get involved with the basketball operations.

“Today is a new day for this franchise,” Mills said in the news release. “Scott will immediately begin to put together a basketball operations department that is among the best in the league. We will be united in implementing our strategy, which is to build our team by developing young players, emphasizing athleticism, length and defense.”

Sacramento Kings executive vice president Scott Perry, has reportedly reached an agreement to become the new GM for the Knicks. (Credit: NBA)

Said Perry, whose contract is reportedly for five years: “I am excited for the opportunity and the responsibility bestowed upon me. As general manager, I will work tirelessly to develop a culture that demands results, commitment and pride from everyone fortunate enough to be associated with our team — from our staff to our players.”

The Knicks are coming off a 31-51 season and have not qualified for the postseason since 2013.

The first big question facing the Mills-Perry regime is whether to trade 10-time All-Star Carmelo Anthony. The Knicks had been in serious talks with the Houston Rockets this week before pausing the negotiations because they were having second thoughts.